Teejay Lanka PLC has increased with impressive financial performance in the third quarter of 2023-24, showcasing a robust turnaround from the previous year's losses. The multinational textile giant reported a notable pre- and post-tax profit growth for the quarter ending 31st December 2023.

With a remarkable 2870% growth, Teejay Lanka recorded a pre-tax profit of Rs 677.7 million compared to a loss of Rs 24.4 million in the same quarter of the previous fiscal year. Similarly, the company posted a net profit of Rs 477.4 million, marking a significant gain of 230% over the preceding year's net loss of Rs 366 million.

Despite a 12% dip in revenue compared to the corresponding quarter of the previous financial year, Teejay Lanka witnessed a 2.2% improvement in its top line compared to the second quarter of 2023-24.

Chairman Ajit Gunewardene attributed the company's resilience to proactive measures taken to navigate through industry uncertainties. These strategies include tapping into new customer segments, diversifying product offerings, upgrading infrastructure, and enhancing workforce skills to adapt to market dynamics effectively.

CEO Pubudu De Silva highlighted the success of strategic initiatives, such as inventory management and cost reduction measures, which contributed to the positive outcomes. Additionally, the stability in yarn prices bolstered the company's profitability.

Teejay Lanka's commitment to sustainability and transparency has earned it accolades, including being ranked as the top corporate entity for Transparency in Corporate Reporting by Transparency International Sri Lanka. With a strong ownership structure and strategic partnerships, Teejay Lanka is poised to sustain its growth trajectory amidst evolving market conditions.